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Eventually, 'the full-fledged functioning' of the mechanism will also 'open up opportunities for trade between Iran and third countries, including China and Russia,' he said.
In this respect, the countries that founded INSTEX, 'stick to their word,' he emphasized.
On January 31, the UK, Germany and France (the European Union signatories of the nuclear deal) launched a special purpose vehicle (SPV) dubbed the Instrument in Support of Trade Exchanges (INSTEX) in order to facilitate legal trade with Iran. France agreed to take the SPV under its jurisdiction, while Iran is expected to establish a similar entity. The vehicle should support technical opportunities of making transactions with Tehran and does not relieve those using it from US sanctions.
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